Recently, the Seaton International Hotel Chengdu was sold at an auction in a single bid, with a starting price of RMB 502,585,871 (about USD 69.31million).'
Located in Chengdu's Hi-Tech Zone, the Seaton International Hotel Chengdu was formerly the first Hilton hotel in Chengdu.
In the past two years, a large number of five-star hotels across the country have been put up for auction.
The once booming high-end hotel market has rapidly cooled, with this downturn accelerating since 2023.
Financial pressure on hotel owners and the quick exit of investors have led to the sale of several renowned luxury properties, such as the Bulgari Hotel in Shanghai and the Westin Hotel in Beijing.
However, only a few of these have successfully changed hands, with many hotels, such as the Sofitel in Beijing, Hilton in Foshan, and Banyan Tree in Chongqing, failing to find buyers after multiple auction attempts.
An obvious trend is that, amid the capital retreat, the number of five-star hotels has significantly decreased in recent years.
Data from the Ministry of Culture and Tourism shows that by the end of 2019, there were 845 five-star hotels in China. By the third quarter of 2024, this number had dropped to 736. In less than five years, the number of five-star hotels in China has decreased by more than 100.
